Notably, Vietnam has surpassed Bangkok, Thailand, and Manila, the Philippines, and is now competing closely with Jakarta, Indonesia.
The vision goes beyond rankings
The Global Financial Centers Index (GFCI) rankings are largely constructed on the basis of sentiment and expectations within the international financial community, rather than solely on hard data. This allows for the identification of several areas in which Vietnam is held in high regard.
Firstly, it is the foundation of confidence. One of the core factors underpinning Vietnam’s strong assessment is the commitment to establishing an international financial center as pledged, alongside the sustained stability of global FDI inflows into Vietnam amid an increasingly complex global landscape. The country’s ambition to achieve double-digit growth also stands out as a notable highlight. It can be said that confidence and optimism regarding Vietnam’s economic prospects are widely reflected across numerous international analytical reports, thereby reinforcing investor sentiment toward the country.
Secondly, there is a strong commitment to institutional prioritization. The Government has clearly identified the first three years (2026–2030) as a critical period for institutional consolidation and reform. This sends a positive signal that Vietnam is striving to establish a “playing field” aligned with international standards, rather than merely developing conventional special economic zones.
Thirdly, it is momentum from fintech. Vietnam has consistently been highly rated among financial centers with the strongest prospects for fintech development in the region. The dynamism of start-ups, coupled with the rapid expansion of digital payment infrastructure, is emerging as a key competitive advantage for the country.
Fourthly, Vietnam possesses advantages that even well-established financial centers would aspire to. These include a compelling combination of population scale, robust growth momentum, and ample room for further reform. With a population of nearly 100 million and a youthful demographic structure, Vietnam stands among the most promising consumer financial markets globally. Demand for personal credit, insurance services, and, in particular, digital payment solutions continues to rise steadily.
International capital flows into Vietnam need to be demonstrated as safe and secure
This approach is not new globally. Successful models such as Dubai and Astana have opted to separate financial centers from the domestic legal system, establishing distinct regulatory frameworks—often grounded in English common law, with independent courts and transparent rules. The rationale is clear: in finance, investors do not buy infrastructure or tax incentives; they invest in confidence in the rule of law.
A financial contract may span decades. Investors need not only clarity on their rights today, but also assurance that such commitments will not be altered by political terms, policy shifts, or administrative discretion. This is why many countries have chosen to establish special legal jurisdictions where regulations are insulated from arbitrary intervention and disputes are resolved in accordance with international standards.
Vietnam is now facing a similar choice. A financial center could be developed across two locations—Ho Chi Minh City and Da Nang—supported by a range of preferential policies on taxation, land use, and foreign exchange management, while also allowing the piloting of new models such as fintech, green finance, and climate finance (green tech and climate tech), as well as digital assets.
Looking at leading financial centers around the world, a common denominator is that they are not only underpinned by sound legal frameworks but also by a proven track record that builds credibility. Trust does not stem from a single resolution or pilot approval; it is earned when investors see that disputes are resolved fairly, contracts are upheld, and laws do not change unpredictably.
These are not outcomes that can be achieved within a few years. However, without decisive action starting now, such a foundation will never be realized.
The development of the Vietnam International Financial Center (VIFC) – Ho Chi Minh City is expected to serve as a critical lever to unlock emerging potential, transforming domestic demand into a driving force for attracting international capital.
Unlike established international financial centers such as Singapore or Hong Kong, which already possess a solid global standing, Vietnam is entering this arena from a different position—with its own distinct advantages.
